It looks like there maybe another 300 points at this part of the cycle. Though a wave four is looming the market could ignore it and just head to wave five. We see two wave fives and the second could also be reached. So all looks fine with this chart.

But do note that volume in the chart below is easing as we see here a negative divergence. Nothing serious at this point but it does mean that Institution are easing back and maybe tidying up their holdings whilst the retail investors are still all enthusiastic and buying like crazy in case they miss the boat.

But it also says that the likely scenario going forward in relative terms, is the market drifting – well until there is a trigger to move it to and up or down trend. We know modern markets tend not to drift for long and that is partly because of the internet and frenetic moves with the likes of algorithm trading now tend to push markets one way or t’other. So they rarely just sit there.